US crude stocks surge nearly 6.7 million barrels to record high: EIA
London (Platts)--1May2013/109 pm EDT/1709 GMT
US commercial crude stocks surged 6.696 million barrels over the week
ended April 26 to hit a record high level of 395.284 million barrels,
data from the Energy Information Administration showed Wednesday.
The climb, due largely to a surge in imported volumes into the Gulf
Coast, burst through the previous record high of 391.907 million barrels
seen during the week ending July 27, 1990.
Commercial crude stocks jumped by 7.676 million barrels along the Gulf
Coast, bringing total inventories in the region to their highest level
in four years at 195.494 million barrels on a surge in import volumes.
Crude imports jumped by 740,000 b/d in the Gulf Coast to 4.202
million b/d, more than accounting for the 602,000 b/d increase in
imports seen nationally. Imports also rose by 183,000 b/d along the East
Coast, but fell by 249,000 b/d in the Midwest.
Stocks fell by 2.652 million barrels in the Midcontinent, with a decline
inventories at Cushing, Oklahoma -- the delivery-point for the NYMEX
crude contract -- accounting for slightly more than half of the drop in
the region. Cushing stocks fell 1.382 million barrels to 49.801 million
barrels, their lowest level since the end of March.
In addition to the climb in Gulf Coast stocks, inventories rose by
952,000 barrels along the West Coast, by 559,000 barrels in the Rocky
Mountain region, and by 201,000 barrels along the East Coast.
Refinery utilization jumped by 0.9 percentage point over the reporting
week to 84.4% of capacity, as refiners increased crude oil inputs by
222,000 b/d to 14.710 million b/d. Utilization and crude inputs rose in
four out of five reporting districts, sliding only in the Rocky Mountain
region.
On the Gulf Coast, utilization rose by 0.9 percentage points to 85.8% of
capacity after a power outage in Port Arthur, Texas, on April 14
curtailed refining output in the region over the previous week.
Refinery also utilization rose by 1.1 percentage points along the
Atlantic Coast to 89.7%, by 1.6 percentage points in the Midcontinent to
84.5%, and by 2.1 percentage points to 78.1% along the West Coast.
Data released by the American Petroleum Institute on Tuesday had also
shown an unexpectedly large climb in US crude inventories due to a hefty
increase in Gulf Coast import volumes. The API reported a 5.18 million
barrel increase in crude stocks over the reporting week. Analysts polled
by Platts earlier Tuesday had anticipated an increase of only 1.4
million barrels.
GASOLINE STOCKS BUILD ON EAST COAST, DROP ELSEWHERE
US gasoline inventories dropped 1.818 million barrels over the week to
215.984 million barrels, but rose by 1.175 million barrels along the
Atlantic Coast, home of the New York Harbor-delivered NYMEX RBOB
contract.
East Coast gasoline stocks clocked in at 61.725 million barrels. This is
now 13.5% above the rolling five-year average for the week, and is the
highest level in the region since the week ended March 9, 2012.
By contrast, gasoline inventories fell in the other four reporting
districts, declining by a particularly sharp 2.51 million barrels in the
Midwest.
The climb in East Coast gasoline inventories comes despite a small slide
in imported volumes in to the region, which dropped by 28,000 b/d to
564,000 b/d.
Implied demand for the road fuel fell by 335,000 b/d to 8.415 million
b/d, while production declined 209,000 b/d to 8.786 million b/d.
Distillate stocks rose 474,000 barrels to 115.752 million barrels, as
imports increased by 111,000 b/d to 265,000 b/d. Inventories fell by
362,000 barrels along the East Coast, but increased in the Gulf Coast,
Midcontinent, and Rocky Mountain regions. Distillate stocks were broadly
unchanged along the West Coast.
Tuesday's API data showed a 2.714 million-barrel drop in US gasoline
stocks and a 1.136 million-barrel drop in distillate stocks over the
week. Analysts had anticipated a 900,000-barrel draw in gasoline
inventories and little movement in distillate stocks.
--Paula VanLaningham,
paula_vanlaningham@platts.com
--Edited by Katharine Fraser,
katharine_fraser@platts.com
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